North America will be energy independent, refining expert says

North America will reach petroleum independence within the next decade, contributing to a drop in global crude prices, a Hart Energy refining expert said Thursday.

The rapid growth of oil and natural gas production in the Untied States will have a major impact on the world’s petroleum marketplace, Terry Higgins said during a presentation to industry insiders at the Petroleum Club in downtown Houston. The shift will allow the United States to surpass Saudi Arabia’s production, cause OPEC to lose market share and make the United State the world’s No. 1 producer of petroleum liquids.

“The single most critical driver in the world is what’s happening in North America,” Higgins said. “It doesn’t have anything to do with any proposed policy. This is really going to happen. We actually will be energy self-sufficient.”

He forecast that unconventional oil production from shale and other tight formations will help lead to an additional 4 million barrels per day in the U.S. over the next decade. The country currently produces about 5.6 million barrels per day.